Patriot Wealth Management Inc. bought a new stake in Helmerich & Payne Inc. (NYSE:HP) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 87,029 shares of the company’s stock, valued at approximately $5,842,000.
Other hedge funds also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Helmerich & Payne during the fourth quarter worth $63,521,000. Bank of Montreal Can acquired a new position in shares of Helmerich & Payne during the second quarter worth $55,377,000. State Street Corp increased its position in shares of Helmerich & Payne by 3.7% in the first quarter. State Street Corp now owns 5,343,817 shares of the company’s stock worth $313,781,000 after buying an additional 190,749 shares during the period. JPMorgan Chase & Co. increased its position in shares of Helmerich & Payne by 78.1% in the first quarter. JPMorgan Chase & Co. now owns 432,013 shares of the company’s stock worth $25,368,000 after buying an additional 189,475 shares during the period. Finally, Glenmede Trust Co. NA increased its position in shares of Helmerich & Payne by 38.3% in the first quarter. Glenmede Trust Co. NA now owns 510,763 shares of the company’s stock worth $29,991,000 after buying an additional 141,430 shares during the period.
Shares of Helmerich & Payne Inc. (NYSE:HP) traded down 3.40% during mid-day trading on Friday, reaching $57.59. The company’s stock had a trading volume of 1,504,970 shares. Helmerich & Payne Inc. has a 12 month low of $40.02 and a 12 month high of $70.28. The company’s 50-day moving average is $61.36 and its 200 day moving average is $62.09. The firm’s market cap is $6.22 billion.
Helmerich & Payne (NYSE:HP) last released its quarterly earnings results on Thursday, July 28th. The company reported ($0.47) EPS for the quarter, missing analysts’ consensus estimates of ($0.41) by $0.06. The firm had revenue of $366.50 million for the quarter, compared to analysts’ expectations of $298.71 million. Helmerich & Payne had a negative net margin of 0.28% and a negative return on equity of 1.38%. The firm’s revenue for the quarter was down 44.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.27 earnings per share. On average, equities analysts anticipate that Helmerich & Payne Inc. will post ($1.16) EPS for the current year.
A number of brokerages have weighed in on HP. Citigroup Inc. boosted their price target on Helmerich & Payne from $61.00 to $70.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 13th. FBR & Co decreased their target price on Helmerich & Payne from $66.00 to $58.00 and set a “market perform” rating on the stock in a research report on Friday, July 29th. Simmons reaffirmed a “neutral” rating and issued a $50.00 target price (down previously from $54.00) on shares of Helmerich & Payne in a research report on Thursday, August 4th. KeyCorp raised Helmerich & Payne from a “sector weight” rating to an “overweight” rating and set a $80.00 target price on the stock in a research report on Tuesday, June 21st. Finally, Morgan Stanley raised Helmerich & Payne from an “underweight” rating to an “equal weight” rating and upped their target price for the company from $70.00 to $80.00 in a research report on Tuesday, September 6th. Five investment analysts have rated the stock with a sell rating, fifteen have given a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $60.79.
About Helmerich & Payne
Helmerich & Payne, Inc is engaged in contract drilling of oil and gas wells for others. The Company operates in the contract drilling industry. The Company’s contract drilling business consists of three segments: U.S. Land, Offshore and International Land. The Company is also engaged in the ownership, development and operation of commercial real estate and the research and development of rotary steerable technology.
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